This morning’s comments by the Bank of Japan Governor regarding the weak yen have been viewed by some as an attempt to soften the Bank’s previous stance which was in favor of steady yen weakness. Get your market update from RichardSnowFX here:
Japanese household income increases for second month in a row despite missing expectationsBoJ’s Kuroda Shares Similar Concerns as Government Regarding Yen Weaknesshave been viewed by some as an attempt to soften the Bank’s previous stance which was in favor of steady yen weakness. The benefits of a weaker yen result in increased corporate profits when repatriating foreign earnings but the downfalls impact household incomes and firm that are heavily import reliant.
He added,"We will patiently maintain powerful monetary easing to support an economy still in the midst of recovering from the COVID-19 pandemic's impact”.Japanese household spending rose 1.1% for February and is the second positive month despite a big miss on the 2.7% forecasted figure. The effects of the weaker yen and the price pressures resulting from the Russia-Ukraine conflict are likely to show up in the March data, potentially adding pressure on the BoJ to defend the yen.
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